According to a report released by PwC India, almost 70% of business executives in India plan to incorporate the metaverse into their organizational activities. The term metaverse broadly refers to a digital environment with a virtual world that mimics reality through the use of emerging technologies such as artificial intelligence, low/no-code platforms, and blockchain. The report, titled ‘Our Take – Embracing the Metaverse’, also revealed that 63% of companies actively engaged with the metaverse plan to fully embed it in their organizational activities within a year.
More than 60% of the business leaders surveyed by PwC India affirmed that they have a detailed or good understanding of the metaverse. The survey was conducted earlier this year and asked respondents, nearly 150 in number, across different regions of India for their title/role, age group, their gender, the sector their company represented, and their company turnover.
According to Ashootosh Chand, Partner – Digital and Emerging Technologies, PwC India, “The metaverse opportunity is enormous, and we expect exponential growth because it is relevant across genders, geographies, and generations. Consumers are open to adopting new technologies, and companies are investing heavily in the required infrastructure to leverage the metaverse.”
The report also revealed that globally, businesses have started exploring partnerships with some of the leading players in the metaverse to explore business opportunities. However, the metaverse ecosystem in India is still at a nascent stage. “25% of India respondents say that their metaverse plans will be fully embedded in their activities within a year, while 47% say that this will take place in 2–3 years,” the report said.
Sudipta Ghosh, Partner and Leader – Data & Analytics, PwC India, stated that “Metaverse allows organisations to be really innovative about how they can meaningfully engage with the customers, employees and the broader ecosystem.”
The report also revealed that 36% of those surveyed said cybersecurity poses the biggest risk for businesses in India, while 28% of respondents felt that technological limitations could pose a challenge. In the US as well, cybersecurity tops the list, followed by privacy risks, which is the third-most important risk area for India respondents.
